Required information Problem 5-1AA Periodic: Alternative cost flows LO P1 [The following information applies to the questions displayed below.] Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March Units Sold at Retail Units Acquired at Cost 100 units @ $50.00 per unit 400 units @ $55.00 per unit Mar. 420 units @ $85.00 per unit Date Activities Mar. 1 Beginning inventory 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 120 units @ $60.00 per unit 200 units @ $62.00 per unit 160 units @ $95.00 per unit 580 units 820 units For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase. Problem 5-1AA Part 4 4. Compute gross profit earned by the company for each of the four costing methods. (Round your average cost per unit to 2 decimal places and final answers to nearest whole dollar.) FIFO LIFO Weighted Specific Average Identification $ 50,900 $ 50,900 Sales $ 50,900 50,900 Less: Cost of goods sold Gross profit $ 50,900 $ 50,900 $ 50,900 $ 50,900